Market Signal Briefing

September 26, 2025 4:38 PM EDT | Source: 37 Capital Inc.
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2025) - 37 Capital Inc. (CSE: JJJ) ("37 Capital" or the "Company") proposes to conduct a non-brokered private placement to raise up to $375,000 by the issuance of up to 3,000,000 units of the Company at a price of $0.125 per unit. Each unit will consist of one common share of the Company and one share purchase warrant to acquire one common share of the Company at a price of $0.15 per share for a period of three (3) years. If, anytime after six months from the issuance date, in the event that the Company's shares trade on the CSE at $0.35 per share or above for a period of 10 consecutive trading days a, a forced exercise provision will come into effect for the warrants issued in connection with this financing.

Finder's fees may be payable in respect to the above proposed financing and certain insiders may participate in the financing.

The funds raised from the financing will be used towards general working capital as the Company is actively exploring opportunities.

All securities that may be issued in connection with the above transactions will be subject to a four-month and a day hold period and other applicable restrictions under securities laws.

The Company also announces the granting of a total of 2,065,000 incentive stock options ("Options") to directors and officers exercisable at the price of $0.12 per common share for a period of three years. These Options have been reserved for issuance pursuant to the Company's 20% Rolling Stock Option Plan, which has received shareholder approval, subject to certain vesting period. Any shares issued pursuant to the exercise of the Options will be subject to a hold period expiring on January 27, 2026.

On Behalf of the Board of 37 Capital Inc.,

"Jake H. Kalpakian"

____________________

Jake H. Kalpakian,
President and CEO

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Trading in the securities of the Company should be considered speculative.

Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, projected or proposed financings, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "objective", "believe", "expect", "propose", "anticipate", "intend", "plan", "plans" "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268201

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In a recent analysis, we discussed that Stephen Miran and follow-up appointees are likely to take the Fed Funds rate lower. This of course, has implications on much of the investment universe, but this article will be focused on the individual securities that stand to benefit the most. There are 3 main topics we want to cover:

Will cuts to the short end of the interest rate curve impact the long end? Investment dollars pushed out the risk curve Interest expense savings of capital-intensive companies Curve dynamics

The yield curve is typically considered to be upward sloping with a “normal” curve looking approximately like a graphed square root function. Longer duration bonds generally provide higher yields as compensation for greater duration risk.

In recent years however, we have had some atypical yield curve shapes. It was inverted for a while, where the long end was lower yield than the short end. Presently, it has a normal upward sloping shape from the 2-year to 30-year, but still has a bit of oddity where very short-term rates pay higher yields than the 2-year Treasury.

S&P Global Market Intelligence

The short end of the curve is essentially forced to be above 4% because of the Fed Funds rate.

S&P Global Market Intelligence

In September, the Fed lowered the Fed Funds rate to a range of 400 to 425 basis points.

When the Fed cuts like this, it almost immediately reduces the short end of the yield curve in parallel with the cut.

The impact of a Fed cut on the longer end of the yield curve is less clear and there is a good bit of debate on what will happen.

Some believe the long end will be unaffected because it is already somewhat steep relative to the 2-year. Thus, the short end would simply come down however many basis points were cut and the long end would remain.

I see this to be among the plausible scenarios. However, I think it is more likely that the long end will come down, just to a lesser degree.

Perhaps for each 50 basis points of cuts, the 10-year and 30-year would drop something like 20 basis points. I think it will be a consequence of capital forced out on the duration curve.

Presently there is a glut of capital in money market funds. $7.3 trillion is an unprecedented level for capital in money market funds.

FRED

I believe much of this capital is here to take advantage of unusually high short-term rates.

After years of getting almost no return on cash held in money market funds, the 4%+ available today feels excessively lucrative.

Crane

A 4% return that is close to risk free and almost fully liquid is a great deal. Market participants recognize this and have crowded in.

In a free market, crowding into a tranche would naturally lower the yield, but it is being artificially held up by the Fed Funds rate. The Fed Funds rate more or less dictates the minimum yield for the short end of the curve.

As evidence that there is a disproportionate amount of capital in short-term funds, observe the overall money supply below.

FRED

M2 has indeed expanded from about $15 trillion pre-pandemic to just over $22 trillion today.

That is an increase in money supply of about 47%.

In contrast, capital in Money market funds went from about $3 trillion pre-pandemic to about $7.3 trillion.

That is an increase of 143%.

If our previous analysis is correct and the Fed continues cutting, these money market investments will no longer be atypically lucrative. As such, the volume of capital in them would likely drop back down to a normal amount.

If we assume the pre-pandemic percentage of M2 in money market funds, that would be about 20% of capital or about $4.4 trillion.

This implies that the extra $2.9 trillion that is sitting in money market funds today would need to find a new home. Those who want to maintain the high yield they are currently enjoying would be forced in 1 of 2 directions:

Further out the duration curve. Further out the risk curve. To the extent capital moves from money markets into long duration Treasuries, it would pull long end yields down. A trillion dollars is enough capital to make a significant difference. For this reason, I believe Fed cuts will be reflected in the long end of the yield curve, just probably not in a full 1 to 1 parallel ratio.

The capital that instead chooses to move out on the risk curve could go into some combination of high yield corporate bonds, high dividend equities and preferred stocks.

We believe all 3 categories will benefit as the influx of perhaps a trillion dollars or more would be a boon to market prices. This is an event that has happened many times in the past. In the previous cycle, it was dubbed TINA or There Is No Alternative. With fewer risk-free options to attain a high yield, the remaining high yield securities become more attractive.

3 macroeconomic factors to watch for:

Significantly reduced short-term interest rates Moderately reduced long-term interest rates Capital flows into high yield securities. Each of these points to certain equities and preferreds that stand to disproportionately benefit.

Gladstone Commercial (GOOD) savings on interest expense

Gladstone Commercial has significant borrowings on their credit facility that is pegged to SOFR.

GOOD 10-Q

SOFR tracks with the Fed Funds rate, so as cuts come in, GOOD’s interest expense declines.

GOOD has $462 million of variable rate debt, so each 25 basis point cut, including the September cut reduces run-rate of annual interest expense by $1.156 million.

That is about 2.5 cents of FFO per share accretion per 25 basis point Fed cut.

The market is anticipating 2 more cuts in 2025.

CME Group

Based on our previous analysis, I agree with the market that October and December cuts are likely.

If there are indeed 3 cuts (including the September cut) that represents 7.5 cents of FFO and AFFO accretion for GOOD on a per share basis. That is significant savings that secures their outsized 9.5% dividend yield.

High debt will be less punished

REITs with high debt loads have suffered in the high interest rate environment. The higher the debt relative to equity the more their interest expense took a bite out of earnings as interest rates rose.

Most REITs had well termed out debt so the rise to interest expense was not immediate, but the high interest rate environment lasted many years such that most debt eventually had to roll to the now higher rates.

That is already starting to reverse as long-term interest rates have dropped significantly due to spread compression. To the extent that longer term rates come down in tandem with cuts long term rates could decline even further.

We have already observed many REITs able to issue 8+ year debt at 5% or less. That is a rate which allows for a healthy spread on investing the proceeds in properties.

Most capital-intensive businesses stand to benefit from cheaper financing, but it disproportionately benefits those with higher debt loads relative to total capital. It may be tempting to run a screen for high debt to EBITDA companies to find those with the most benefit. However, one has to be careful that the figure is not the result of simply having low EBITDA. Most of the companies that populate the top of this screen are up here for wonky reasons.

S&P Global Market Intelligence

Apartment Investment and Management (AIV) for example, just has really high debt to EBITDA because a large portion of their portfolio is in development and thus not flowing with EBITDA.

Instead, what we are looking to pinpoint here are companies with ample EBITDA that simply operate toward the higher end of leverage. Specifically we are looking for strong, growing companies with high debt loads.

NexPoint Residential (NXRT) fits the bill with a long history of organic growth in its Sunbelt apartments. They simply like to operate at high leverage with a debt to EBITDA of 9.39X.

A significant portion of NXRT’s debt is hedged to be functionally fixed rate so they would not get the immediate interest expense savings like Gladstone Commercial, but over a few years, as debt rolls, NXRT is positioned to enjoy significant AFFO accretion from lower interest rates.

Capital flows into fixed income investments The extra roughly $3 trillion currently sitting in money market funds above the normal amount may have to find a new home. As discussed earlier, some of it will flow to longer duration treasuries, but those looking to maintain a higher yield may seek out preferreds.

The REIT preferred market is relatively small so it would not take all that much capital to really move market prices. Indeed we observed in the previous cycle when the influx of capital sent most fixed rate preferreds with yields in excess of 6% to above par.

This cycle is different as interest rates are unlikely to go as low as they were in 2021. As such, I think the threshold to be bid up to over par is closer to 7% yield.

At Portfolio Income Solutions we track the live pricing of equity and mortgage REIT preferreds to monitor them for discount to par, current yield and fundamental dividend security factors.

There are dozens of REIT preferreds with yields in excess of 8%, many of which will potentially be bid up to or above par. The key to maximizing returns in this potentially tailwind environment is to pay close attention to discount to par.

2 different preferreds may be trading at 8% current yields, but if one of those has an 8% coupon it is already at $25 par and has minimal room to appreciate as threat of redemption prevents it from going much over $25.

However, if there is a 6% coupon preferred trading at an 8% current yield it has a large upside. As interest rates decline, this preferred might be bid up to a 7% current yield at which point it would still be discounted to par so there would be no threat of redemption capping its upside.

There are over 10 opportunities of this nature presently and as an example we can look at Pebblebrook Preferred H. (PEB) (PEB.PR.H)

Portfolio Income Solutions

PEB is a highly respected and long-tenured hotel REIT which is how they were able to issue preferreds at coupons in the low 6s and high 5s.

As environmental interest rates increased these low coupon preferreds started to trade at very large discounts to par. PEB-H is trading at $18.41 against a par value of $25 because the market has decided a fair current yield in the current environment is 7.74%.

In an environment resembling the TINA of the past returns, where there is a scarcity of high quality high yield securities, we believe that equilibrant market yield will be closer to 6.5%. To get there, PEB-H would have to trade at $21.92.

That would be 19% capital appreciation on top of the 7.74% yield we are paid to wait.

Wrapping it up

As interest rates move, each security is impacted differently. Some benefit; others are harmed. The examples of opportunity presented in this article are just the tip of the iceberg. They can serve as a template of the concepts that signal disproportionate benefit.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of LTH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK, Sept. 26, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Soleno Therapeutics, Inc. (NASDAQ: SLNO) resulting from allegations that Soleno Therapeutics may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Soleno Therapeutics securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=43959 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On August 15, 2025, Investing.com published a story entitled “Soleno Therapeutics stock falls after Scorpion Capital short report.” The article stated that Soleno Therapeutics stock had fallen “following a short report from Scorpion Capital that raised serious concerns about the company’s recently approved Prader-Willi syndrome treatment, VYKAT XR.” It further stated that the Scorpion Capital report “highlighted personal safety issues,” and that it “suggested the drug may be at risk of being withdrawn from the market or facing a significant decline in new prescriptions.”

On this news, Soleno Therapeutics’ stock fell 7.4% on August 15, 2025. It fell a further 4.9% on the next trading day.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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Looking for a reason to consider adding exposure to the China healthcare sector to your portfolio?

Now may actually be a very good time to do so. Earlier in September, the South China Morning Post reported that China’s healthcare sector has seen about $10.6 billion in fundraising this year, according to Dealogic. Crucially, 2025’s fundraising numbers are higher than the combined fundraising totals from the years 2022, 2023, and 2024 put together. 

The article highlighted a few particular names in the China healthcare scene who are leading the way in fundraising. WuxiAppTec raised around $980 million from a Hong Kong share placement, according to the South China Morning Post. Meanwhile, the article notes that Hansoh Pharmaceutical Group recently accrued $500 million through a new shares issue. 

Fundraising has been flowing into the sector through IPOs as well. As the article notes, Jiangsu Pharmaceuticals pulled in about $1.3 billion through its Hong Kong listing back in May.

With record money flowing into this sector, advisors and investors alike might want to consider bolstering their exposure to these leading China healthcare companies. Not only can these companies offer crucial diversification, but they may be in pole position to offer compelling long-term growth as well. 

KURE Offers Exposure to China’s Healthcare Giants
For those looking to add more China healthcare companies to their portfolio, KraneShares can help. Situations like these are exactly what the KraneShares MSCI All China Health Care Index ETF (KURE) was built for.

Within the cost-efficient ETF wrapper, KURE provides easy and direct access to many of China’s leading healthcare companies. As a matter of fact, WuXi AppTec, Hansoh Pharmaceutical Group, and Jiangsu Pharmaceuticals are all some of the top holdings within the fund’s portfolio. 

This puts KURE in an especially good position to ride out the momentum in China healthcare fundraising. With many of the fund’s top holdings pulling in strong fundraising numbers, the fund remains in a good position to deliver compelling returns in both the short and long term. 

So far, KURE has managed to put up an extremely strong performance this year, despite the threat of tariffs. Year-to-date, the fund’s NAV is up 41.47%, as of August 31, 2025. 

For more news, information, and analysis, visit the China Insights Content Hub.

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HomeIndustriesSoftwareThe transaction would value EA at $50 billionPublished: Sept. 26, 2025 at 3:24 p.m. ET

Shares of Electronic Arts Inc. rose more than 15% in late-afternoon trading Friday after a report that the videogame giant is nearing a $50 billion deal to be taken private.

The stock EA was on track to close at a fresh all-time high, surpassing its Aug. 14 record close of $179.01. It was also on pace for its biggest one-day percentage gain since Feb. 8, 2019, when it rose 16%.

About the Author

Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.

Partner CenterMost Popular

The video game company Electronic Arts is nearing a $50 billion sale to a group of investors including Silver Lake and Saudi Arabia’s Public Investment Fund, according to a report from The Wall Street Journal.

EA is best known for its annual sports titles in franchises like Madden NFL, FIFA, and NBA Live, as well as video game series like The Sims, Battlefield, Need for Speed, and Star Wars.

According to the Journal’s report, this deal could be the largest leveraged buyout in history, meaning that the deal is mostly funded with debt.

After the news broke that EA could be going private, stocks jumped 15% on Friday afternoon.

, /PRNewswire/ -- Glancy Prongay & Murray LLP announces that investors with losses have opportunity to lead the securities fraud class action lawsuit against Novo Nordisk A/S ("Novo Nordisk" or the "Company") (NYSE: NVO).

IF YOU SUFFERED A LOSS ON YOUR NOVO NORDISK INVESTMENTS, CLICK HERE BEFORE SEPTEMBER 30, 2025 (LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT

What Is The Lawsuit About?
The complaint filed alleges that, between May 7, 2025, to July 28, 2025, Defendants failed to disclose to investors that: (1) Novo Nordisk repeatedly ignored and minimized the significance of the personalization exception for GLP-1 compounding, greatly overestimated its ability to capture patients coming off of compounded treatments, and was ultimately ill equipped to capitalize upon the purported significant unmet patient population; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased. 

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles, CA 90067
Charles Linehan
Email: [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

SOURCE Glancy Prongay & Murray LLP

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, /PRNewswire/ -- Glancy Prongay & Murray LLP announces that investors with losses have opportunity to lead the securities fraud class action lawsuit against Snap Inc. ("Snap" or the "Company") (NYSE: SNAP).

IF YOU SUFFERED A LOSS ON YOUR SNAP INVESTMENTS, CLICK HERE BEFORE OCTOBER 20, 2025 (LEAD PLAINTIFF DEADLINE) TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT

What Is The Lawsuit About?
The complaint filed alleges that, between April 29, 2025 and August 5, 2025, Defendants failed to disclose to investors that: (1) Snap's optimistic reports of advertising growth and earnings potential fell short of reality as they relied far too heavily on Snap's ability to execute on its potential; (2) Snap was already experiencing the ramifications of a significant execution error when Defendants' claimed a lack of visibility due to macroeconomic conditions; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles, CA 90067
Charles Linehan
Email: [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

SOURCE Glancy Prongay & Murray LLP

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

September 26, 2025 3:30 PM EDT | Source: Oracle Commodity Holding Corp.
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2025) - Oracle Commodity Holding Corp. (TSXV: ORCL) (OTCQB: ORLCF) ("Oracle" or the "Company")  announces that due to high demand, it has upsized the non-brokered private placement financing (the "Offering") first announced on September 24, 2025 from 7,000,000 units (the "Units") at a price of $0.035 per Unit to 7,500,000 Units, raising the potential gross proceeds from $245,000 to $262,500. Each Unit consists of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.06 for a period of three years from issuance.

A Finder's fees of up to 7% in Finder's Units will be payable. Each Finder's Unit will consist of one Share and one non-transferable share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.06 per share for three years.

Company insiders will be subscribing for up to 1,750,000 Units for gross proceeds of up to $61,250. The issuance of Units to the insiders will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the insiders' participation in the Offering will not exceed 25% of the fair market value of the Company's market capitalization. The Company will file a material change report in respect of the related party transaction.

The Company is relying on the TSX Venture Exchange's minimum price exemption and anticipates closing of the Offering as soon as practicable. Closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The Units will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws and will be subject to a statutory hold period of four months and one day from the date of issuance.

The Company intends to use the net proceeds of the Offering for general corporate purposes and for the payment of the cash consideration (the "Fluorspar NSR Consideration") for the acquisition of a 2% royalty from U.S. Fluorspar LLC over certain fluorspar projects (see news release dated August 11, 2025). Other than the Fluorspar NSR Consideration, there are no other specific use of proceeds that will represent 10% or more of the gross proceeds of the Offering. None of the proceeds from the Offering will be used for payments to non-arm's length parties of the Company other than normal course compensation of its officers, directors, employees and consultants as part of general corporate purposes, or to persons conducting investor relations activities.

About Oracle Commodity Holding Corp.

Oracle Commodity Holding Corp. is a mining royalty company holding royalties on several precious metal and critical mineral mining projects.

Further information on Oracle Commodity Holding Corp. can be found at www.oracleholding.com.

ORACLE COMMODITY HOLDING CORP.

ON BEHALF OF THE BOARD
"Anthony Garson"
CEO

For more information about Oracle Commodity, please contact:
Tel: 604.569.3661
Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding Oracle's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

Forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: market conditions and investor sentiment; changes in business plans; ability to secure sufficient financing to advance the Company's investment business; and general market and economic conditions. Additional risk factors are set out in the Company's latest annual and interim management's discussion and analysis, available on SEDAR at www.sedarplus.ca.

Forward-looking statements are based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking statements included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268166

Item 1 of 2 A Mercedes-Benz sign is seen reflected on a building in Warsaw, Poland July 6, 2017. REUTERS/Laszlo Balogh/File Photo

[1/2]A Mercedes-Benz sign is seen reflected on a building in Warsaw, Poland July 6, 2017. REUTERS/Laszlo Balogh/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesAthos Silicon to develop energy-efficient chips for self-driving carsAthos receives significant investment and intellectual property from Mercedes-BenzAthos aims for independence to collaborate with multiple carmakersPower savings crucial for electric vehicles, Athos CEO emphasizesSAN FRANCISCO, Sept 26 (Reuters) - Mercedes-Benz on Friday spun out into a new company a group of chip experts in Silicon Valley that is working on creating a new generation of computing brains for self-driving cars, drones and other vehicles.

Athos Silicon, based in Santa Clara, California, will house a group of engineers who for five years worked at Mercedes-Benz Research & Development North America to develop the new chips, which aim to be safe enough for use in cars while using less energy than existing chips.

Sign up here.

As part of the spinout, Athos is receiving intellectual property developed by the group and what Mercedes-Benz described as a "significant" investment, though neither the carmaker nor Athos disclosed the value of the transaction.

For chips used in cars, reliability is key, so critical self-driving functions are often handled by two or more separate chips in order to have backups in case of a failure. The Athos team developed a way to get the same kind of reliability using "chiplets," which are tiny pieces of chips that can be bound together in a single package.

Keeping the chips in a single package can use 10 to 20 times less power than having separate chips that must communicate with one another across a circuit board, Athos Silicon Chief Executive Charnjiv Bangar said in an interview on Friday. Those power savings are important in electric vehicles where the car's computing brains must compete with its wheels for limited battery power.

"For an electric future, electricity is a new currency," Bangar said.

Athos Silicon intends to raise venture capital from other investors. Bangar declined to disclose Mercedes-Benz's precise stake, but said the carmaker will be a minority shareholder and the chip firm will have an independent board.

"Independence is important for Athos, so that we can reach out to other (carmakers), competitors of Mercedes. We need to make sure we have a neutral approach," Bangar said.

Reporting by Stephen Nellis in San Francisco
Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Heritage Financial Corporation (NASDAQ:HFWA) M&A Call September 26, 2025 1:00 PM EDT

Company Participants

Bryan McDonald - CEO, President & Director
Donald Hinson - Executive VP & CFO

Conference Call Participants

Ryan Payne - D.A. Davidson & Co., Research Division
Ashley Aloupis - Piper Sandler & Co., Research Division
David Feaster - Raymond James & Associates, Inc., Research Division
Andrew Terrell - Stephens Inc., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Good afternoon. My name is Elisa, and I will be your moderator for the conference call today. At this time, I would like to welcome everyone to the Heritage Financial Investor Call. [Operator Instructions] Thank you. Bryan McDonald, CEO of Heritage Financial, you may begin.

Bryan McDonald
CEO, President & Director

Thanks, Elisa. Good morning, everyone, and thank you for joining us. We are here to talk about the recently announced combination between Heritage and Olympic Bancorp, the parent of Kitsap Bank. During today's call, we will be referring to a presentation detailing the transaction, and I would encourage everyone to access this on our Investor Relations website. Attending with me are Don Hinson, Chief Financial Officer; Tony Chalfant, Chief Credit Officer; and Jennifer Nino, Chief Accounting Officer.

As a reminder, during this call, we may make forward-looking statements, which are subject to economic and other factors. You can find the investor presentation and press release on our corporate website and important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements are disclosed within these documents. Yesterday, after the market closed, we announced an agreement to acquire Olympic Bancorp, the holding company of Kitsap Bank, a 117-year-old community bank headquartered in Port Orchard, Washington, with total assets of $1.7 billion. Kitsap is a high-quality community bank operating primarily in the Western Puget Sound region through 16 branches and 1 loan

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HomeIndustriesNexstar remains the last holdout in a move by some ABC affiliates to take Kimmel’s show off the air amid government pressure that raised allegations of censorshipPublished: Sept. 26, 2025 at 3:39 p.m. ET

The suspension of Jimmy Kimmel’s show by ABC and its affiliates led to protests and calls to boycott Disney streaming services. Photo: Mario Tama/Getty ImagesLocal-television giant Sinclair Inc. said Friday that it was ending its boycott of late-night host Jimmy Kimmel’s program on the company’s ABC affiliates, leaving Nexstar Media Group Inc. as the last remaining holdout.

Sinclair SBGI said it had made the decision to return “Jimmy Kimmel Live!” to the air following a nearly two-week suspension after the company engaged in “constructive discussions” with ABC and received “thoughtful feedback from viewers, advertisers, and community leaders representing a wide range of perspectives.”

Local TV conglomerate Sinclair Broadcast Group said its ABC-affiliate stations will start airing Jimmy Kimmy Live! again on Friday night, ending its preempting of the show.

Sinclair, along with fellow station owner Nexstar Media Group, continued to preempt Kimmel’s late-night talkshow even after ABC had put Kimmel back on air.

Together, Sinclair and Nexstar’s preemption of the show left about 25% of TV viewers in the US unable to watch it, with the two companies owning 70 ABC-affiliate stations combined.

The two companies are the largest owners of local TV stations in the country. Sinclair currently owns more than 185 TV stations across 85 markets, while Nexstar owns 200 stations across 116 markets.

In a statement, Sinclair said it received “thoughtful feedback from viewers, advertisers and community leaders representing a wide range of perspectives”.

“Our objective throughout this process has been to ensure that programming remains accurate and engaging for the widest possible audience,” the firm said.

The company said that it had “ongoing and constructive discussions” with ABC where Sinclair proposed measures to strengthen accountability and viewer feedback, including having a “network-wide independent ombudsman”. ABC and Disney have not agreed to the measures, and Sinclair noted that it “respects their right to make those decisions under network affiliate agreements”.

The announcement leaves Nexstar as the only TV station owner still preempting the show.

Much of the Kimmel controversy started when Brendan Carr, chair of the Federal Communications Commission (FCC), threatened regulatory blowback to broadcasters if Kimmel’s comments on Charlie Kirk’s killing were not addressed.

Nexstar is seeking FCC approval for a merger with Tegna, another owner of local TV stations. The merger would require the FCC to change limits on the percentage of the national audience that it reaches, which essentially caps the number of TV stations a single company can own.

Nexstar was the first to announce it would preempt Kimmel’s show, followed by Sinclair. Shortly after, ABC announced it would pause production of Kimmel’s show “indefinitely” – a hiatus that lasted almost a week, and prompted widespread criticism.

On Truth Social, Donald Trump praised ABC for taking Kimmel off the air, saying it had “the courage to do what had to be done”, before criticizing the company for reversing the decision.

“I think we’re going to test ABC out on this. Let’s see how we do,” Trump wrote on Tuesday. “Last time I went after them, they gave me $16 Million Dollars,” he said, referring to Disney’s controversial payment to Trump to settle a defamation lawsuit in December.

After ABC announced Kimmel would come back Tuesday, Nexstar said in a statement that it would continue to evaluate the status of the show.

“We are engaged in productive discussions with executives of the Walt Disney Company, with a focus on ensuring the program reflects and respects the diverse interests of the communities we serve,” it said.

In recent days, Sinclair has stressed that its decision to continue preempting Jimmy Kimmel Live! “was independent of any government interaction or influence”.

“Free speech provides broadcasters with the right to exercise judgment as to the content on their local stations,” the company said, adding that it “is simply inconsistent to champion free speech while demanding broadcasters air specific content.”

Sinclair has a history of being influential in boosting the conservative movement in recent years, including requiring local TV news anchors to read a script about “fake news” and “one-sided news stories plaguing our country”, elevating claims that Trump was making at the time during his first presidency.

Electronic Arts Inc (NASDAQ:EA, ETR:ERT) shares climbed more than 14% to $192.25 in late afternoon trading on Friday after the Wall Street Journal reported that the video game maker is in advanced discussions to go private at a valuation of about $50 billion, citing a source familiar with the matter. 

The media outlet noted that the deal, which could be announced as soon as next week, involves a group of investors including private-equity firm Silver Lake and Saudi Arabia's Public Investment Fund.  

In late July, Electronic Arts reported preliminary fiscal first quarter 2026 net bookings of $1.298 billion, which was above the high end of their guidance range and exceeded Wall Street estimates of $1.285 billion. 

The company, though, has forecast second-quarter net bookings below analyst expectations.  

Recently, its Battlefield 6 beta game saw the largest player count in the franchise’s history, beating the 13.2 million record set by Battlefield 1. 

Electronic Arts stock has gained more than 30% year to date.  

Company Stock Will Begin Trading on Split Adjusted Basis October 1, 2025 LAKE BARRINGTON, IL, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Yunhong Green CTI Ltd.

Sinclair said it will end its pre-emption of “Jimmy Kimmel Live!” and air the late-night show again beginning Friday.

Tesla's (TSLA) new Street-high price target on the Mag 7 stock starts a key conversation on today's Next Gen Investing panel: is Tesla a car company or an A.I. company? As Marley Kayden points out, Dan Ives's price target hike points to Tesla being both by using A.I.

Key Takeaways Citigroup partners with Dandelion to integrate WorldLink with its digital wallet network.The collaboration enables near-instant B2C payments into wallets across multiple markets.Clients gain access to over 150 digital destinations, strengthening C's global reach
Citigroup Inc. (C - Free Report) and Dandelion, a subsidiary of Euronet Worldwide, Inc., collaborate to enhance cross-border payments by integrating Citigroup’s WorldLink Payment Services with Dandelion’s extensive digital wallet network.

In recent years, many companies have been taking steps to improve their payment platforms. In April 2025, Barclays PLC (BCS - Free Report) partnered with Brookfield Asset Management Ltd. (BAM - Free Report) to transform its payment acceptance business and drive long-term growth. The partnership combines BCS’s extensive UK client relationships and payments expertise with BAM’s global private equity experience in payments, technology and operational transformation, aiming to create a standalone entity and enhance service offerings for merchants and corporate clients.

Details of the Citigroup–Dandelion CollaborationThis partnership will enable C’s clients to deliver near-instant, full-value payments into digital wallets across multiple markets. The capability will initially be extended to the Philippines, Indonesia, Bangladesh, and Colombia, with further expansion planned.

The collaboration empowers Citigroup’s institutional clients to make faster, cost-effective business-to-consumer (B2C) payments across borders. By paying directly into wallets, the company can address applications such as remittances, payroll, expense reimbursements, customer refunds, compensation payouts and transfers to freelance or gig-economy workers.

Emanuela Saccarola, Citigroup’s head of Cross-Border Payments, Services, stated, “Our collaboration with Dandelion underscores Citi's commitment to delivering innovative and comprehensive payment solutions that meet the evolving needs of our global clients.” Saccarola further stated, “By integrating Dandelion's robust digital wallet network with Citi's global payment infrastructure, we are enabling clients to reach new markets with faster, more transparent and cost-efficient solutions. This reinforces Citi’s leadership in 24/7 real-time global payments.”

Strategic Implications of C's CollaborationThe partnership expands Citigroup’s WorldLink capabilities, allowing clients to make cross-border payments in more than 135 currencies through traditional wires, automated clearing house and cross-border instant payments.

With this partnership, the company extends its reach to over 150 digital destinations, including mobile wallets and debit cards, positioning itself strongly in the evolving global payments landscape.

With Dandelion’s network covering 63 countries, Citigroup clients could gain access to broader digital economies where digital wallets are the primary channel for financial transactions. The integration with wallet providers and card networks will also help to broaden its global payment footprint.

C’s Zacks Rank & Price PerformanceOver the past six months, C’s shares have gained 42.1% compared with the industry’s 28.5% growth.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PUMP, ACDC, PTEN, LBRT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

MONTREAL--(BUSINESS WIRE)--Today, Saint-Gobain Canada officially marked the completion of its expansion and sustainable upgrade project at its CertainTeed Gypsum plant in Sainte-Catherine, Quebec, transforming the facility into North America's first zero-carbon (scopes 1 and 2) gypsum wallboard plant and the largest in the world. First announced in 2022, Saint-Gobain completed major electrification upgrades allowing the plant to be solely powered by renewable electricity. The numerous facility.

Key Takeaways
The U.S. will impose tariffs of up to 50% on furniture, President Trump said, sending some industry players' shares up and others down.Even the companies whose shares are rising have discussed the downside of tariffs on metals and other materials they use.

President Donald Trump's latest tariffs have led to some early winners and losers among furniture stocks.

Newly announced tariffs on furniture ripped through sector stocks on Friday, lifting shares of companies with a significant domestic manufacturing footprint and dragging down high-end retailers, such as RH (RH) and Williams-Sonoma (WSM).

The U.S. will impose a 50% tariff on kitchen cabinets, bathroom vanities and related products, beginning Oct. 1, and a 30% tariff on upholstered furniture, Trump said on Truth Social Thursday night. The import taxes are a response to the "large scale FLOODING" of these products into the U.S., which hurts domestic manufacturing, and therefore, poses a national security threat, Trump said.

The U.S. imported $44.4 billion furniture and fixtures in 2024, according to data from the Commerce Department, including $6.4 billion in upholstered household furniture and at least $8.2 billion in wood cabinets, countertops and furniture.

The White House didn't respond to Investopedia's questions, including whether the tariffs will apply to goods that comply with the United States-Mexico-Canada trade agreement, in time for publication.

What The News Means for Consumers
Most economists believe at least a portion of the cost of tariffs will be passed along to consumers. Gauging when and how import taxes show up via higher prices can be complicated. For instance, tariffs on aluminum and steel may hurt MasterBrand and MillerKnoll, but an import tax on furniture may bolster demand for their domestically sourced products.

Some furniture companies with domestic manufacturing plants saw their shares rise Friday.

Cabinetmaker MasterBrand's (MBC) stock was recently up almost 6%. The Ohio-based business has 15 manufacturing facilities in the U.S., four in Mexico and one in Canada, its website says. Tariffs on materials it uses may have a "significant impact on cost" and weigh on already weakening demand, CFO Andrea Simon said on a conference call last month, according to a transcript.

Shares of MillerKnoll (MLKN), a furniture-maker based in Michigan, recently rose 3%. About 75% of the square footage MillerKnoll rents and owns is located in the U.S., according to its most recent annual report. The company raised prices and announced a surcharge earlier this year to help cover the cost of tariffs, executives said on recent conference calls.

The announcement weighed on shares of RH (RH) and Williams-Sonoma (WSM), which were recently off by about 3% and less than 1%, respectively. Both companies do some upholstery work in the U.S., with RH planning to have 52% of the segment made domestically by the end of the fiscal year, their CEOs said on recent conference calls.

Additional tariffs would hurt smaller players more than their companies and other big players, the CEOs said.

"I run the biggest luxury home brand in the world. Somebody call me," RH CEO Gary Friedman said earlier this month, according to a conference call transcript from AlphaSense. "It's not really us I worry about. I don't want to win because 50% of our competitors, who are really good, hardworking people, get wiped out."

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

Investors in BellRing Brands, Inc. (BRBR - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 21, 2025 $85.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for First Interstate BellRing Brands share, but what is the fundamental picture for the company? Currently, First Interstate BellRing Brands is a Zacks Rank #3 (Hold) in the Food - Miscellaneous Industry that ranks in the Bottom 30% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their estimates for the current quarter, while six have revised their estimates downwards. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from 60 cents per share to 55 cents per share in the same time period.

Given the way analysts feel about First Interstate BellRing Brands right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Looking to Trade Options?Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk.

Click to see the trades now >>

MUSCATINE, Iowa, Sept. 26, 2025 (GLOBE NEWSWIRE) -- On August 4, 2025, HNI Corporation (NYSE: HNI; “HNI” or “the Corporation”) announced a definitive agreement to acquire Steelcase, Inc. (NYSE: SCS; “Steelcase”) in a cash and stock transaction (the “Acquisition”). The companies’ complementary brand portfolios, dealer networks, and industry segments are expected to enhance customer reach and enable the combined company to accelerate strategic initiatives to better serve customers and drive long-term profitable growth. On a pro forma basis, the combined company had net sales of approximately $5.7 billion for the year ended December 28, 2024. HNI is targeting for the Acquisition to close in the fourth quarter of the calendar year 2025. The consummation of the Acquisition is subject to the satisfaction of customary closing conditions, but is not subject to the completion of the Exchange Offer or Consent Solicitation or a financing condition.

In connection with the Acquisition, HNI today announced the commencement of an offer to exchange (the “Exchange Offer”) any and all outstanding 5.125% Notes due 2029 (the “Existing Steelcase Notes”), as issued by Steelcase, for up to $450,000,000 aggregate principal amount of new notes to be issued by HNI (the “New HNI Notes”), as set forth in the table below. The New HNI Notes will be guaranteed by certain subsidiaries of the combined company. Each New HNI Note issued in the Exchange Offer for a validly tendered Existing Steelcase Note will have an interest rate and maturity date that is identical to the interest rate and maturity date of the tendered Existing Steelcase Note, as well as identical interest payment dates and optional redemption prices.

The following table sets forth the Consent Payment, Exchange Consideration, Early Tender Payment and Total Exchange Consideration for Existing Steelcase Notes for which the New HNI Notes are being offered:

Title of
Existing
Steelcase
Notes
 CUSIP
Number of
Existing
Steelcase
Notes
 Maturity
Date  Aggregate
Principal
Amount
Outstanding  Consent
Payment(1)(2)
 Exchange
Consideration(1)(2)(3)
 Early Tender
Payment (1)(2)(3) Total Exchange
Consideration(1)(2)(3)(4)     CashNew HNI Notes
(Principal
Amount)
 New HNI Notes
(Principal
Amount) New HNI Notes
(Principal
Amount) Cash 5.125% Senior Notes due 2029 858155 AE4 January 18, 2029 $450,000,000$2.50
  $970 $30$1,000 $2.50               (1) For each $1,000 principal amount of Existing Steelcase Notes accepted for exchange.
(2) The Consent Payment and the Early Tender Payment will be paid to Eligible Holders (as defined herein) on the Settlement Date (as defined herein). In order to be eligible to receive the Consent Payment, Eligible Holders of Existing Steelcase Notes must, at or prior to the Early Tender Date (as defined herein), validly deliver and not validly revoke their related consents, even if such person is no longer the beneficial owner of such Existing Steelcase Notes on the Expiration Date (as defined herein).
(3) The New HNI Notes will accrue interest from (and including) the most recent date on which interest has been paid on the Existing Steelcase Notes accepted in the Exchange Offer.
(4) Includes the Consent Payment and the Early Tender Payment.

In conjunction with the Exchange Offer, HNI is also soliciting consents (the “Consent Solicitation”), on behalf of Steelcase, in each case upon the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated September 26, 2025 (the “Statement”) from Eligible Holders of the Existing Steelcase Notes to amend the Steelcase indenture dated August 7, 2006, governing the Existing Steelcase Notes (as amended, the “Existing Steelcase Indenture”), and the Existing Steelcase Notes to eliminate certain covenants and restrictive provisions from the Existing Steelcase Indenture and the Existing Steelcase Notes (the “Proposed Amendments”).

Any Eligible Holder that validly delivers at or prior to 5:00 p.m., New York City time, on October 9, 2025, unless extended (the “Early Tender Date”) and does not validly revoke at or prior to the Withdrawal Deadline (as defined below) a consent in the Consent Solicitation in respect of Existing Steelcase Notes will be eligible to receive payment in cash of $2.50 per $1,000 principal amount of such Existing Steelcase Notes (the “Consent Payment”). Existing Steelcase Notes that have been validly tendered may be withdrawn, and related consents that have been validly delivered may be revoked, at any time prior to the Withdrawal Deadline. The Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on October 27, 2025, unless extended by HNI (such date and time with respect to the Exchange Offer and Consent Solicitation, as the same may be extended for the Exchange Offer and Consent Solicitation, the “Expiration Date”).

For each $1,000 principal amount of Existing Steelcase Notes validly tendered at or before the Early Tender Date and not validly withdrawn, Eligible Holders of Existing Steelcase Notes will be eligible to receive the total exchange consideration set out in the table above and on the cover page of the Statement (the “Total Exchange Consideration”), which includes the exchange consideration set out in such table, the Consent Payment and the early tender payment set out in such table (the “Early Tender Payment”). To be eligible to receive the Total Exchange Consideration, Eligible Holders must (i) validly tender (and not validly withdraw) their Existing Steelcase Notes at or prior to the Early Tender Date, (ii) validly deliver (and not validly revoke) their related consent in the Consent Solicitation at or prior to the Early Tender Date and (iii) beneficially own such Existing Steelcase Notes at the Expiration Date.

For each $1,000 principal amount of Existing Steelcase Notes validly tendered after the Early Tender Date but prior to the Expiration Date, Eligible Holders of Existing Steelcase Notes will be eligible to receive $970 principal amount of New HNI Notes (plus cash in respect of any fractional portion of New HNI Notes). To be eligible to receive the Exchange Consideration, Eligible Holders must (i) validly tender (and not validly withdraw) their Existing Steelcase Notes at or prior to the Expiration Date and (ii) beneficially own such Existing Steelcase Notes at the Expiration Date.

The settlement date (“Settlement Date”) will be promptly after the Expiration Date and is expected to be within five business days after the Expiration Date. To the extent the consummation of the Acquisition is not anticipated to occur on or before the then-anticipated Settlement Date, for any reason, HNI anticipates extending the Expiration Date until such time that the Acquisition may be consummated on or before the Settlement Date. During any extension of the Expiration Date, all Existing Steelcase Notes previously tendered (and not validly withdrawn) in the extended Exchange Offer will remain subject to the Exchange Offer and may be accepted for exchange by HNI.

The New HNI Notes will be guaranteed by HNI Workplace Furnishings LLC, Kimball International Brands, Inc., Kimball Hospitality, Inc., Kimball Furniture Group, LLC, Hearth & Home Technologies LLC, Kimball International, Inc., HNI Holdings, Inc., Allsteel LLC and The HON Company LLC (together, the “HNI Guarantors”). Within 30 days of the consummation of the Acquisition, certain Steelcase entities will become guarantors of the New HNI Notes (together, the “Steelcase Guarantors” and, together with the HNI Guarantors, the “Guarantors”). The New HNI Notes and the guarantees of the New HNI Notes will be secured, on a pari passu first-lien basis with HNI's senior credit facilities by substantially all of the tangible and intangible assets (other than certain excluded assets) of HNI and the Guarantors, including pledges of all equity interests of certain subsidiaries of HNI in each case subject to certain thresholds, exceptions and permitted liens (the “Collateral”). The New HNI Notes and the guarantees of the New HNI Notes will be senior secured obligations of HNI and the Guarantors, respectively, and will (i) be senior in right of payment to all of HNI and the Guarantors’ existing and future subordinated indebtedness; (ii) rank equally in right of payment with all of HNI and the Guarantors’ existing and future indebtedness that is not subordinated in right of payment to the New HNI Notes, including obligations under HNI's senior credit facilities; (iii) be secured on a first-priority basis by liens on the Collateral on an equal priority basis with existing and future first lien indebtedness, including the obligations under the HNI's senior credit facilities, subject to permitted liens; (iv) be effectively senior to all existing and future indebtedness of HNI and the Guarantors that is unsecured or that is secured by liens on the Collateral that are junior to the liens securing the New HNI Notes to the extent of the value of the Collateral; (v) be effectively subordinated to all existing and future indebtedness of HNI and the Guarantors that is secured by assets or properties not constituting Collateral, to the extent of the value of such assets and properties; and (vi) be structurally subordinated to all existing and future indebtedness and other liabilities of subsidiaries of HNI that are not Guarantors, other than indebtedness and liabilities owed to HNI or the Guarantors.

The New HNI Notes will only be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. No tender of Existing HNI Notes will be accepted if it results in the issuance of less than the minimum authorized denomination principal amount of New HNI Notes. If, pursuant to the Exchange Offer, a tendering Eligible Holder would otherwise be entitled to receive a principal amount of New HNI Notes that is not equal to the minimum authorized denomination or an integral multiple of $1,000 in excess thereof, such principal amount will be rounded down to the minimum authorized denomination or the nearest integral multiple of $1,000 in excess thereof, and such Eligible Holder will receive pursuant to the Exchange Offer this rounded principal amount of New HNI Notes plus (a) cash equal to the principal amount of New HNI Notes not received as a result of rounding down, and (b) cash equal to the accrued and unpaid interest on the Existing Steelcase Notes that are validly tendered and not validly withdrawn, but are not exchanged for New HNI Notes as a result of rounding down.

Because the Exchange Offer and Consent Solicitation is subject to the satisfaction of certain conditions, including among other things, the consummation of the Acquisition, Eligible Holders of Existing Steelcase Notes will not receive the Exchange Consideration or the Total Exchange Consideration, as applicable, unless the Acquisition is consummated. The parties’ obligations to complete the Acquisition are conditioned upon (i) certain HNI and Steelcase shareholder approvals, (ii) the receipt of antitrust approvals and (iii) certain other customary closing conditions. The consummation of the Acquisition is not subject to the completion of the Exchange Offer or Consent Solicitation or a financing condition.

Eligible Holders may not deliver a consent in the Consent Solicitation without tendering Existing Steelcase Notes in the Exchange Offer. If an Eligible Holder tenders Existing Steelcase Notes in the Exchange Offer, such Eligible Holder will be deemed to deliver its consent, with respect to the principal amount of such tendered Existing Steelcase Notes, to the corresponding Proposed Amendments. Tenders of Existing Steelcase Notes may be withdrawn at any time prior to the Expiration Date; however the related consent delivered by such Eligible Holder may not be withdrawn after the earlier of (i) 5:00 p.m., New York City time, on the Early Tender Date and (ii) the date the supplemental indenture the Existing Steelcase Indenture (as defined herein) implementing the Proposed Amendments to the Existing Steelcase Notes indenture is executed (the earlier of (i) and (ii), the “Withdrawal Deadline”), except in certain limited circumstances as set forth in the Statement.

HNI is making the Exchange Offer and Consent Solicitation pursuant to the terms and subject to the conditions set forth in the Statement. The Statement and other documents relating to the Exchange Offer and Consent Solicitation will only be distributed to holders of Existing Steelcase Notes who complete and return a letter of eligibility certifying that they are (i) “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or (ii) not “U.S. persons” and are outside of the United States within the meaning of Regulation S under the Securities Act and who are “non-U.S. qualified offerees” (as defined in the Statement) are authorized to receive and review this offering memorandum and consent solicitation statement (such persons, “Eligible Holders”). Eligible Holders of Existing Steelcase Notes who desire to obtain and complete the letter of eligibility and obtain copies of the Statement should either visit www.dfking.com/hni or contact D.F. King & Co., Inc. (the “Information & Exchange Agent”) at [email protected], (800) 488-8075 (toll-free) or (212) 235-7305 (collect for banks and brokers).

Among other risks described in the Statement, the Exchange Offer and Consent Solicitation are expected to result in reduced liquidity for the Existing Steelcase Notes that are not exchanged and, if adopted, the Proposed Amendments to the Existing Steelcase Indenture will reduce protection to remaining holders of Existing Steelcase Notes. Eligible Holders should refer to the Statement for more details on the risks related to the Exchange Offer and Consent Solicitation.

The New HNI Notes have not been registered under the Securities Act or any state or foreign securities laws, and they may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state and foreign securities laws.

About HNI Corporation

HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act, which involve risks and uncertainties. Any statements about HNI’s, Steelcase’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events and any other statements to the extent they are not statements of historical fact are forward-looking statements. Words, phrases or expressions such as “anticipate,” “believe,” “could,” “confident,” “continue,” “estimate,” “expect,” “forecast,” “hope,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “possible,” “potential,” “predict,” “project”, “target,” “trend” and similar words, phrases or expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are based on information available and assumptions made at the time the statements are made. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Forward-looking statements in this communication include, but are not limited to, statements about the benefits of the transaction between HNI and Steelcase (the “Transaction”), including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts.

The following Transaction-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between HNI and Steelcase; the outcome of any legal proceedings that may be instituted against HNI or Steelcase; the possibility that the Transaction does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of HNI’s or Steelcase’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Transaction; the dilution caused by HNI’s issuance of additional shares of its capital stock in connection with the Transaction; and the diversion of management’s attention and time to the Transaction from ongoing business operations and opportunities.

Additional important factors relating to Steelcase that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in Steelcase’s most recent Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission (the “SEC”).

Additional important factors relating to HNI that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, HNI’s ultimate realization of the anticipated benefits of the acquisition of Kimball International; disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for HNI’s products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of HNI’s customers; HNI’s reliance on its network of independent dealers; change in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for HNI’s new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on HNI’s financing activities; an inability to protect HNI’s intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside HNI’s control, including those that may result from the effects of climate change, a description of which risks and uncertainties and additional risks and uncertainties can be found in HNI’s most recent Annual Report on Form 10-K and its other filings with the SEC.

These factors are not necessarily all of the factors that could cause HNI’s, Steelcase’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any forward-looking statements. Other unknown or unpredictable factors also could harm HNI’s, Steelcase’s or the combined company’s results.

All forward-looking statements attributable to HNI, Steelcase, or the combined company, or persons acting on HNI’s or Steelcase’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and HNI and Steelcase do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If HNI or Steelcase updates one or more forward-looking statements, no inference should be drawn that HNI or Steelcase will make additional updates with respect to those or other forward-looking statements. Further information regarding HNI, Steelcase and factors that could affect the forward-looking statements contained herein can be found in HNI’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC, and in Steelcase’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC including the section entitled "Risk Factors" in the registration statement on Form S-4 relating to the Acquisition.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the case of the Exchange Offer and Consent Solicitation, the Exchange Offer and Consent Solicitation are being made solely pursuant to the Statement and only to such persons and in such jurisdictions as is permitted under applicable law.

For Information, Contact:

Vincent P. Berger
Executive Vice President and Chief Financial Officer
(563) 272-7400

Matthew S. McCall
Vice President, Investor Relations and Corporate Development
(563) 275-8898